Gotham City Research, a secretive U.S. boutique investment firm that shares its name with Batman’s hometown, has emerged victorious in its crusade against corporate villainy. Its win: revealing accounting fraud at Madrid based wi-fi provider Let’s Gowex SA, a discovery that ultimately led to the Spanish technology firm filling for bankruptcy protection (and which also pummeled stocks on the junior market and cast doubt on the stock market segment on which Gowex was listed.)

In perhaps its most dramatic case of naming and shaming companies to date, Gotham’s impact on Gowex was swift. It initiated coverage on July 1, said in a note entitled “A Pescanovan Charade” that the company’s shares were worth €0.00 and predicted that the shares would be suspended.

The company has since started bankruptcy proceedings, “under the expectation that the company can’t meet its current liabilities.”

In a statement on its website, Gotham said that Mr. Martin’s confession had saved time. It added that it had been preparing a second report “in case the company was going to continue its charade.”

Gotham, acknowledging that it “stands to profit in the event the issuer’s stock declines,” also defended short-sellers who may have cashed in on Gowex’s fate.

“A short seller is only as good as his/her analysis. In fact, the markets are swift and unforgiving when short sellers are wrong. The markets also very quickly punish short sellers who engage in deceitful practice. The same cannot be said of CEO’s investment banks, and other stock promoters, who can engage in, and profit from, misrepresentation and fraud for many years,” Gotham wrote.

In February 2013, Gotham published the first of several dossiers concerning Atlanta-based insurance software provider Ebix Inc., claiming that several filings from the company contain “material accounting irregularities.”

Gotham stated in its report that it believed Ebix had grown “largely due to its improper tax strategy, luck, dodgy acquisitions, and [chairman and CEO] Robin Raina’s ability to fool some of the people, all of the time.” Gotham later followed up with similarly cutting reports, in which it said that it believed shares in the group were worth no more than $8 apiece.

Shares were suspended in June having fallen more than 40% since the publication of the first report in February. From a low of $9.90 apiece, the price has recovered to around $14 now.

In response to media coverage of the research at the time, Ebix published a statement saying that it “takes its financial and tax reporting responsibilities very seriously and is confident in the accuracy of its financial disclosures and tax filings.” Ebix could not be reached for comment Tuesday.

The Tile Shop

In November 2013, Gotham said that Minnesota-headquartered building materials retailer Tile Shop Holdings had “used improper accounting to overstate profits” and concluded that the company’s shares were therefore worth no more than $1.54-$3.34 each – at the time representing an 84-93% downside on where they were trading.

Gotham also noted that the Tile Shop had used three different auditors in the preceding two year and missed earnings-per-share guidance during four out of the previous five quarters.

The Tile Shop published a statement at the time in which it said it “adamantly denies the allegations” but the stock nonetheless slumped 28% in one day before hitting a low of just over $10 on the following day. It has since recovered to trade around $14. The firm did not respond to a request for comment Tuesday.

Blucora

In February 2014, Gotham published research on Blucora, formerly known as Infospace, which operates a series of internet businesses and search features, such as WebCrawler ad MetCrawler and is based in Washington state.

Gotham stated that “nearly all infospace.com traffic is malware-related” and that Blucora’s search volumes experienced a significant boost in recent quarters, “due to a rise in illicit search traffic.” Having hit a high of almost $30 apiece in late 2013, shares were trading at just $19.20 by the end of February and have moved sideways since.

A Blucora spokesperson at the time told media that the company “will not address every inaccurate statement in the report at this time” but that it is “continually challenged to monitor illicit and inappropriate search terms.”

The spokesperson added at the timethat it is “a strong company with a track record of value creation and a commitment to ensuring that it remains in compliance with industry policies and regulations.” The firm did not respond to a request for comment Tuesday.

Quindell

In April 2014, Gotham published a report on U.K. insurance-outsourcing business Quindell Plc, entitled “A Country Club Built on Quicksand” in which it stated that 42% to 80% of Quindell’s reported profits “are suspect” and that shares are worth no more than 3 pence apiece.

Stock in the group plummeted almost 40% on the day to £3.56, wiping nearly £1 billion off the company’s value, and the price has since dwindled further to trade at below £2.

“The Board of Quindell rejects the assertions raised in the publication […] and considers the note to be highly defamatory, deliberately misrepresentative and entirely rejects the conclusions that are made,” Quindell wrote at the time, adding that it had initiated legal action. The firm had no further comment on the matter Tuesday.